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GOVT READIES 5-POINT ACTION PLAN TO BRING NORMALCY IN THE MARKET

The Finance Minister, P.Chidambaram, has announced a five-point action plan to boost investor sentiment and arrest the fall in the rupee and soothe the stock market.
"I could not agree more with Fitch when it said more reforms
are needed," Chidambaram told
reporters on a day when key stock market indices and the rupee were down. He said that a number of decisions will be
taken in this month.
These include coal pricing and coal allocation to power plants,gas pricing, revision foreign direct investment limits in various sectors, skill development and on SEBI's committee on new norms for foreign investors.
The SEBI board is scheduled to meet on June 25 to discuss K.M.
Chandrashekhar's committee reports on KYC (know-your-
customer) and other norms for foreign investors. The committee submitted its report on Wednesday and given seven key recommendations.
Chidambaram said that the Government broadly was in
favour of these
recommendations. The Government's representative on
the SEBI board will present this view at the meeting.
He also said that a special cell has
been set up in the Cabinet Secrtariat to expedite pending
projects. About 25-30 projects,which are considered as Low
Hanging Fruits, are expected to be taken up first. These projects need just one or two clearances
and hopefully they will get them by the end of this month, the
Minister said.
Talking about the rupee, he said that there is no need to panic.
"Countries with large current account deficit have taken a hit
on their currency," he said,adding that India is one such country.